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Homework answers / question archive / Fill in the blanks with the category of the expanded accounting equation (assets; liabilities; owner, capital; owner, withdrawals; revenues; expenses)

Fill in the blanks with the category of the expanded accounting equation (assets; liabilities; owner, capital; owner, withdrawals; revenues; expenses)

Accounting

Fill in the blanks with the category of the expanded accounting equation (assets; liabilities; owner, capital; owner, withdrawals; revenues; expenses). Please state where each account should be placed?

Office Furniture

Owner withdrawals

Unearned Revenue

Interest expense

Owner Capital

Delivery Expense

Interest Revenue

Service Revenue

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Let's begin by describing the category types provided to us:

  • Assets: Property owned by a business which will provide future benefit
  • Liabilities: Amounts or items owed by the business to other entities
  • Owner, Capital: The value of the owner's investment in the company
  • Withdrawals: Distributions of the business' earnings
  • Revenues: Amounts earned by the company
  • Expenses: Costs incurred by the company

Taking these explanations into consideration, we'll state where each account should be placed.

Account Account Category
Office Furniture Assets
Owner withdrawals Withdrawals
Unearned Revenue Liabilities
Interest expense Expenses
Owner Capital Owner, Capital
Delivery Expense Expenses
Interest Revenue Revenues
Service Revenue Revenues

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